Grain prices fell on Monday after a ship left a Ukrainian port with a shipment of corn for the first time since a deal brokered by the ONU went into effect last month.
The Razoni ship, flying the flag of Sierra Leone, left the port of Odesa carrying 26,000 tons of maize bound for the Lebanese port of Tripoli.
Under the terms of the agreement, he will have to stop for inspection in Turkish waters before heading to his final destination.
The developments raise hope that a looming food crisis in many parts of the emerging world that depend on Ukraine and Russia for much of their grain supply, and hence for their overall food security, can be avoided.
Ukraine has been unable to export large stocks of wheat, corn, sunflower seeds and oil, among other products, due to the Russian blockade of its ports since February.
Andrey Sizov, a Black Sea agricultural commodities analyst, quoted Ukrainian President Volodymyr Zelensky's office as saying 15 other ships were waiting to leave Odesa on Monday.
A small volume of Ukrainian grain is said to have reached world markets after being stolen by Russian forces occupying ports in eastern Ukraine.
Ukraine and Russia accounted for more than a quarter of the world's wheat exports last year, and while countries like Egypt managed to make up a deficit this year by buying from other countries like France, they did so at very low prices. higher, putting pressure on its balance of payments.
Under the terms of the deal, Russia agreed not to attack ports or ships while they are loading, unloading, approaching or departing.
However, doubts about the validity of the agreement were raised when Russian missiles hit Odesa just days after the agreement was signed.
Russian authorities first denied the attack, then claimed they were targeting only a military target.
Grain prices fell and the price of wheat futures, which fell almost 40% from their peak in May, with the retreat of the initial shock in world food markets, fell another 2.23% to US$ 789/celemim, at 9:47 am, while corn futures retreated 2.7% to $601.88/celemim.
Sources: investing.com
